According to Andrew Tobias.....
Warren Buffett is sitting on something like $43 billion in cash. If he can’t find good things to invest in at today’s prices, it gives me pause to think we can. This is one reason that I recommend about a quarter of your portfolio in 20- and 27-year TIPS (Treasury Inflation Protected Securities) that guarantee 2% above inflation . . . why I like my shares in PCL (I figure that, whatever happens to the stock short-term, the trees will keep growing) . . . and why I sleep okay with wildly speculative things like BOREF and the NTMD puts. Both could go to zero (really!), but certainly not because of any financial meltdown, in case we were to have one someday. In a financial meltdown, our NTMD puts would do brilliantly (if they had not already expired); and while BOREF shares might fall by 90% or 95% (on volume of 1200 shares, no doubt), it wouldn’t affect the value of the company’s underlying technology (whatever that value may or may not ultimately prove to be).
http://www.andrewtobias.com/cgi-local/display_col.pl?051208
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